1 00:00:02,520 --> 00:00:07,360 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,640 --> 00:00:13,040 Speaker 2: The Stock Movers podcast, your roundup of companies making moves 3 00:00:13,080 --> 00:00:16,480 Speaker 2: in the stock market, harnessing the power of Bloomberg Data. 4 00:00:18,200 --> 00:00:19,840 Speaker 3: Let's take a look at some of the stocks on 5 00:00:19,880 --> 00:00:21,360 Speaker 3: the move today. There were a lot of them. 6 00:00:21,400 --> 00:00:24,560 Speaker 1: Bloomberg Cross Asset reporter Emily Garfeo back with us on 7 00:00:24,600 --> 00:00:25,919 Speaker 1: the day's stock movers. 8 00:00:25,920 --> 00:00:26,840 Speaker 3: Where shall we begin? 9 00:00:27,280 --> 00:00:28,560 Speaker 4: I think we should start with Apple. 10 00:00:28,720 --> 00:00:33,520 Speaker 5: This is a huge company and it saw huge, huge 11 00:00:33,640 --> 00:00:37,040 Speaker 5: losses today, wiped out about three hundred and ten billion 12 00:00:37,080 --> 00:00:40,200 Speaker 5: dollars in market cap, which is almost the entire market 13 00:00:40,200 --> 00:00:43,760 Speaker 5: cap of Coca Cola, which is interesting because that company 14 00:00:43,760 --> 00:00:47,000 Speaker 5: actually hit a record high today. Right, We're really seeing 15 00:00:47,040 --> 00:00:50,120 Speaker 5: this rotation underway in the market where the MAGS seven 16 00:00:50,200 --> 00:00:54,800 Speaker 5: stocks anything exposed to obviously tariffs or even these questions 17 00:00:54,800 --> 00:00:59,440 Speaker 5: that we're having on AI spending selling off, but consumer staples. 18 00:01:00,400 --> 00:01:03,520 Speaker 5: I guess companies that are more based on the strength 19 00:01:03,680 --> 00:01:07,679 Speaker 5: of the US economy and domestic manufacturing are actually higher. 20 00:01:07,720 --> 00:01:11,319 Speaker 5: But for Apple, there was some great Wall Street commentary, 21 00:01:11,319 --> 00:01:14,520 Speaker 5: maybe not so great if you're long Apple. Rosenblat Securities 22 00:01:14,600 --> 00:01:18,960 Speaker 5: said that the terif liberation Day suggests that this could 23 00:01:19,160 --> 00:01:21,640 Speaker 5: quote blow up Apple. Now, he does still have a 24 00:01:21,680 --> 00:01:25,960 Speaker 5: buy rating on the stock. So it suggests, at least 25 00:01:25,959 --> 00:01:28,720 Speaker 5: according to this analyst, that something is likely to give 26 00:01:29,080 --> 00:01:32,240 Speaker 5: with Apple, that there could be an exemption for the company, 27 00:01:32,360 --> 00:01:34,480 Speaker 5: or maybe Trump could reach a deal with China in 28 00:01:34,560 --> 00:01:36,680 Speaker 5: Vietnam because the napkin math. 29 00:01:36,720 --> 00:01:38,560 Speaker 4: Ye just looks so bad for the company. 30 00:01:38,760 --> 00:01:44,240 Speaker 6: Yeah, but does look does he care? Who Trump if 31 00:01:44,240 --> 00:01:45,840 Speaker 6: the napkin math looks bad for me? 32 00:01:46,040 --> 00:01:49,120 Speaker 5: Actually, this analyst from Rosenblod Security said, it's hard for 33 00:01:49,200 --> 00:01:52,800 Speaker 5: us to imagine Trump blowing up an American icon, but 34 00:01:52,920 --> 00:01:55,600 Speaker 5: this looks pretty tough when you look at how the 35 00:01:55,640 --> 00:01:59,880 Speaker 5: stock performed today. There wasn't a lot of hope that 36 00:02:00,280 --> 00:02:03,480 Speaker 5: there could be an exemption because it was down about 37 00:02:03,520 --> 00:02:04,120 Speaker 5: ten percent. 38 00:02:04,480 --> 00:02:06,040 Speaker 4: Work dropped since March twenty twenty. 39 00:02:06,240 --> 00:02:08,320 Speaker 1: We talked with Mark German who said that, you know, 40 00:02:08,600 --> 00:02:12,360 Speaker 1: maybe we actually get Apple raising prices right to protect 41 00:02:12,360 --> 00:02:14,359 Speaker 1: their margins. They certainly have a lot, you know, we 42 00:02:14,360 --> 00:02:16,600 Speaker 1: always talk about their cash cushion on their balance sheet, 43 00:02:17,240 --> 00:02:19,720 Speaker 1: which gives them a lot of luxury and freedom to 44 00:02:19,760 --> 00:02:22,280 Speaker 1: do certain things. But you know, when it comes to 45 00:02:22,320 --> 00:02:24,480 Speaker 1: performance on Wall Street, you know, when your margins start 46 00:02:24,480 --> 00:02:25,919 Speaker 1: to get squeezed, you get really punished. 47 00:02:26,160 --> 00:02:27,040 Speaker 4: Yeah, it's interesting. 48 00:02:27,240 --> 00:02:30,400 Speaker 5: I mean, over the last few years, I've been writing 49 00:02:30,400 --> 00:02:33,760 Speaker 5: about tech stocks, and every couple months we always write 50 00:02:33,760 --> 00:02:35,640 Speaker 5: a story about how the market is selling off. But 51 00:02:35,639 --> 00:02:39,200 Speaker 5: people are finding safety in these American icons and these 52 00:02:39,240 --> 00:02:40,680 Speaker 5: really cash rich companies. 53 00:02:40,800 --> 00:02:43,079 Speaker 4: But that's not the story today. 54 00:02:43,440 --> 00:02:47,240 Speaker 1: Okay, so selling Apple, buying Coca Cola, what else you 55 00:02:47,280 --> 00:02:47,760 Speaker 1: got for us? 56 00:02:48,400 --> 00:02:50,919 Speaker 5: Traders are also buying Philip Morris. This is another one 57 00:02:50,960 --> 00:02:56,359 Speaker 5: of those stories of a safe haven in a consumer 58 00:02:56,600 --> 00:02:58,120 Speaker 5: I mean more Staples company. 59 00:02:58,200 --> 00:03:01,480 Speaker 6: If you're addicted to smell or you're addicted to smokeless 60 00:03:01,480 --> 00:03:03,400 Speaker 6: you got you know, you need that nicotine fix. 61 00:03:04,000 --> 00:03:06,160 Speaker 3: Not like there's any problem with any of it. 62 00:03:06,240 --> 00:03:08,560 Speaker 7: You gotta buy your cigarettes. 63 00:03:08,600 --> 00:03:11,160 Speaker 5: I guess Philip Morris hit a record high, but they've 64 00:03:11,200 --> 00:03:13,320 Speaker 5: actually been having a pretty good year. 65 00:03:13,560 --> 00:03:14,359 Speaker 4: I just looked. 66 00:03:14,480 --> 00:03:16,359 Speaker 3: I am shocked by their year to date. 67 00:03:16,560 --> 00:03:20,120 Speaker 4: From the zin pouches girls, the nicotine, Oh do we 68 00:03:20,160 --> 00:03:20,440 Speaker 4: know them. 69 00:03:20,480 --> 00:03:24,600 Speaker 7: I walk by Carol's desk and there are just tens. 70 00:03:24,280 --> 00:03:27,320 Speaker 6: Of zen oh yeah, all over and I'm like, Carol, yeah, 71 00:03:27,400 --> 00:03:29,799 Speaker 6: that's me. We just don't know what the stuff does 72 00:03:29,840 --> 00:03:32,200 Speaker 6: to you. And she says, I gotta. 73 00:03:32,000 --> 00:03:32,560 Speaker 7: Have my Zin. 74 00:03:32,919 --> 00:03:37,040 Speaker 5: They're wildly popular. They're really helping Philip Morris. I don't know, 75 00:03:37,160 --> 00:03:39,320 Speaker 5: Carol what your vices are. 76 00:03:39,160 --> 00:03:43,000 Speaker 3: But our Sebastian Escobar says people are stressed. People smoke. 77 00:03:43,560 --> 00:03:44,600 Speaker 3: People smoke and drink. 78 00:03:44,760 --> 00:03:47,200 Speaker 5: Right. I actually saw a meme on Twitter that had 79 00:03:47,200 --> 00:03:49,440 Speaker 5: to do with Philip moore stock going higher, and it 80 00:03:49,520 --> 00:03:52,360 Speaker 5: was like someone like smoking a bunch of cigarettes, like this. 81 00:03:52,360 --> 00:03:53,240 Speaker 4: Is why the stock is up. 82 00:03:53,520 --> 00:03:55,480 Speaker 3: By the way, you're not thought about having a glass 83 00:03:55,520 --> 00:03:56,120 Speaker 3: of wine today? 84 00:03:56,320 --> 00:03:56,600 Speaker 4: I have. 85 00:03:56,840 --> 00:03:59,000 Speaker 1: I was joking about, Caro, you not thought about having 86 00:03:59,040 --> 00:04:01,040 Speaker 1: an non alcoholic beer today? 87 00:04:01,080 --> 00:04:03,720 Speaker 7: I was joking about the zin. Carol doesn't really, I. 88 00:04:03,680 --> 00:04:04,120 Speaker 4: Don't do that. 89 00:04:04,280 --> 00:04:05,120 Speaker 3: I'm not a smoker. 90 00:04:05,600 --> 00:04:09,280 Speaker 6: That's an area smoking. It's not you don't smoke zin's 91 00:04:09,440 --> 00:04:11,920 Speaker 6: what do you do? They're little it's little nicotine pouches. 92 00:04:13,120 --> 00:04:15,400 Speaker 6: Why Carol's not hanging out with enough bros? 93 00:04:15,560 --> 00:04:18,800 Speaker 1: Yeah okay, I know, Yeah, I'm hanging out with bros. 94 00:04:19,279 --> 00:04:22,480 Speaker 4: What else you get for us restoration hardware? This is 95 00:04:22,520 --> 00:04:25,159 Speaker 4: going to go down and now twenty thousand dollars couch? 96 00:04:25,400 --> 00:04:27,400 Speaker 3: Yeah I can get a get on board with that. 97 00:04:27,760 --> 00:04:28,400 Speaker 4: No, I can't. 98 00:04:28,600 --> 00:04:31,320 Speaker 7: Is that how much one rest the couch costs or restoration. 99 00:04:31,000 --> 00:04:32,599 Speaker 3: Had Some of them are a little pricey. 100 00:04:32,720 --> 00:04:35,560 Speaker 5: The products are really expensive. Maybe they won't be they're 101 00:04:35,600 --> 00:04:36,680 Speaker 5: massive anymore. 102 00:04:36,839 --> 00:04:38,359 Speaker 7: No, the catalogs are massive. 103 00:04:38,600 --> 00:04:40,840 Speaker 3: The catalogs are how do. 104 00:04:40,839 --> 00:04:44,560 Speaker 7: I get that to not get delivered to my mailbox? 105 00:04:44,560 --> 00:04:46,480 Speaker 1: And then one of the few people who actually still 106 00:04:46,600 --> 00:04:49,080 Speaker 1: deliver catalogs, it's. 107 00:04:48,920 --> 00:04:50,400 Speaker 4: Like a September issue of Vogue. 108 00:04:50,440 --> 00:04:53,400 Speaker 7: It's like, yeah, no, it's crazy. 109 00:04:53,520 --> 00:04:54,839 Speaker 3: I used it to prop open doors. 110 00:04:55,080 --> 00:04:56,960 Speaker 1: They're like, so I feel bad and you get like 111 00:04:57,000 --> 00:04:57,800 Speaker 1: three or four of them. 112 00:04:57,839 --> 00:05:01,640 Speaker 6: It's like the mail carriers. It's like pushing these carts 113 00:05:01,680 --> 00:05:03,760 Speaker 6: full of these once or twice a year. 114 00:05:04,480 --> 00:05:04,840 Speaker 7: Unreal. 115 00:05:04,960 --> 00:05:07,040 Speaker 1: Can I tell you that I do love walking through 116 00:05:07,040 --> 00:05:08,240 Speaker 1: one of their places. 117 00:05:08,839 --> 00:05:10,880 Speaker 3: It's kind of great looking stuff. All right, what happened 118 00:05:10,920 --> 00:05:11,200 Speaker 3: to rich? 119 00:05:11,360 --> 00:05:12,680 Speaker 5: This is going to I think this is going to 120 00:05:12,760 --> 00:05:16,719 Speaker 5: go down as a finance meme. Unfortunately for the CEO 121 00:05:16,880 --> 00:05:21,560 Speaker 5: of rest Its hard the shareholders. But there's a story 122 00:05:21,640 --> 00:05:25,360 Speaker 5: on Bloomberg from Lilly Meyer about the CEO's live reaction 123 00:05:25,920 --> 00:05:27,360 Speaker 5: to the stock falling. 124 00:05:27,520 --> 00:05:28,840 Speaker 4: It fell forty percent. 125 00:05:28,920 --> 00:05:33,800 Speaker 5: It was the worst decline on record. They missed earnings. 126 00:05:33,800 --> 00:05:37,640 Speaker 5: But they're also facing the tariff blow as well. Seventy 127 00:05:37,640 --> 00:05:40,320 Speaker 5: percent of their products are from Asia. So during this 128 00:05:40,360 --> 00:05:42,600 Speaker 5: earnings call, he said, oh, and then he said an 129 00:05:42,600 --> 00:05:45,160 Speaker 5: expletive which I won't say on air, but go read 130 00:05:45,200 --> 00:05:49,200 Speaker 5: the story for yourself. Shoot, it wasn't one of those. 131 00:05:50,520 --> 00:05:53,920 Speaker 5: And he said, did we anticipate this of the tariffs? 132 00:05:53,960 --> 00:05:57,000 Speaker 5: Not at this level? That seems to sum up what 133 00:05:57,240 --> 00:06:00,760 Speaker 5: a lot of traders, but also corp executive. 134 00:06:00,800 --> 00:06:01,120 Speaker 4: I thank you. 135 00:06:01,520 --> 00:06:02,920 Speaker 3: I think you actually hit it on the money. 136 00:06:02,960 --> 00:06:06,000 Speaker 1: I think nobody expected it to be so many different 137 00:06:06,040 --> 00:06:07,800 Speaker 1: are all the countries that are out there, and so 138 00:06:07,880 --> 00:06:09,880 Speaker 1: there really was no place to hide and to be 139 00:06:09,920 --> 00:06:12,640 Speaker 1: so big. Can I mention a cloud modular track arm 140 00:06:12,880 --> 00:06:16,000 Speaker 1: sofa eighteen thousand, six hundred. 141 00:06:15,720 --> 00:06:17,920 Speaker 3: And forty dollars on sale now for about fourteen thousand. 142 00:06:18,760 --> 00:06:21,120 Speaker 5: I wonder if that they made that sale today, if 143 00:06:21,160 --> 00:06:23,919 Speaker 5: they put it on sale today, that's a really good point. 144 00:06:24,600 --> 00:06:28,720 Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with 145 00:06:28,800 --> 00:06:31,560 Speaker 2: us throughout the day for the latest roundup of companies 146 00:06:31,600 --> 00:06:34,680 Speaker 2: making news on Wall Street and for the latest market 147 00:06:34,680 --> 00:06:39,080 Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 148 00:06:39,120 --> 00:06:42,359 Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with 149 00:06:42,440 --> 00:06:43,880 Speaker 2: the Bloomberg Business app.